Healthcare Provider Update: Offers medical plans through Aetna, including HSA and POS options with tiered deductibles and out-of-pocket maximums 6. With ACA premiums increasing, Newmarks plan flexibility and employer HSA contributions help employees manage rising healthcare expenses effectively. Click here to learn more
Preparing for retirement at Newmark Group can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.
These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Newmark Group employees ahead of the curve.
- Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
- Be proactive about your retirement after Newmark Group. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Newmark Group retirement accounts stand today? Being proactive with your Newmark Group retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.
- Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.
- Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.
- Transamerica.com, 2021
- GAO.gov, 2021
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What is the 401(k) plan offered by Newmark Group?
The 401(k) plan offered by Newmark Group is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in Newmark Group's 401(k) plan?
You can enroll in Newmark Group's 401(k) plan by completing the enrollment form provided during your onboarding process or by accessing the employee benefits portal.
What is the employer match for Newmark Group's 401(k) plan?
Newmark Group offers a competitive employer match for contributions made to the 401(k) plan, which is typically a percentage of your contributions up to a certain limit.
Can I change my contribution percentage to Newmark Group's 401(k) plan?
Yes, you can change your contribution percentage to Newmark Group's 401(k) plan at any time by accessing your account through the employee benefits portal.
What investment options are available in Newmark Group's 401(k) plan?
Newmark Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to meet different risk tolerances.
When can I start withdrawing from my Newmark Group 401(k) plan?
You can start withdrawing from your Newmark Group 401(k) plan without penalty at age 59½, but there are specific rules regarding hardship withdrawals and loans.
Does Newmark Group's 401(k) plan offer loans?
Yes, Newmark Group's 401(k) plan allows participants to take loans against their account balance, subject to certain terms and conditions.
Are there any fees associated with Newmark Group's 401(k) plan?
Yes, there may be administrative fees and investment fees associated with Newmark Group's 401(k) plan, which are disclosed in the plan documents.
How often can I review my Newmark Group 401(k) account?
You can review your Newmark Group 401(k) account at any time by logging into the employee benefits portal, where you can view your balance and investment performance.
What happens to my Newmark Group 401(k) if I leave the company?
If you leave Newmark Group, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, or cashing it out (though this may incur taxes and penalties).